iTrustCapital Gains Security Boost with Coinbase Custody Integration

Cryptocurrency retirement savings platform iTrustCapital has announced it is integrating Coinbase Custody services to provide its clients with an additional layer of security. iTrustCapital provides IRAs (individual retirement accounts) and other qualified retirement funds with 24/7 access to digital cryptocurrency assets and precious metals through its tax-advantaged, IRS compliant, trading platform. The new integration helps the company to scale amid a period of significant growth, as US consumers seek new ways to diversify their retirement portfolio into crypto as a burgeoning asset class.

Like many other businesses in the cryptocurrency sector, iTrustCapital has been undergoing substantial growth as interest in the markets has heated up over recent months. According to a press release published by the firm, the company now has over $1 billion of assets under management and has exceeded $1.5 billion in total trade volume this year, while offering the lowest Crypto IRA trading and monthly account fees available.

Therefore, the company has sought out the services of Coinbase Custody to further strengthen the security of client funds against attacks.

Staying Ahead of the Security Game

Digital asset fund security remains a critical issue for the industry as a whole. In 2020, hackers stole a total of $3.78 billion from exchanges, wallets, and smart contract bugs, meaning that around $10 million each day is falling through the cracks.

As a result, there’s a heavy onus on exchanges and custody firms to take every possible measure to keep funds safe and secure. Coinbase Custody is widely reputed as an industry leader in the space, operating as a fiduciary under NY State Banking Law. It uses segregated cold storage wallets with all funds underwritten by a $255 million commercial crime insurance policy. The firm, a standalone organization from Coinbase Inc, undergoes routine financial and security audits by reputable independent auditing companies and maintains SOC1 and SOC2 financial reporting certifications.

iTrust Capital has confirmed that existing clients do not need to do anything regarding the change, which will be implemented at the back end without service interruption.

The company also confirmed that it is examining the possibility of new features for its roadmap, including staking and token governance. iTrust Capital has been steadily expanding the range of assets it supports in response to demand from its clients, including cryptos such as DOGE, DOT, UNI, and COMP.

The news of iTrust’s Coinbase Custody integration comes as Coinbase Inc. has also been making headlines thanks to its own integration with 401k provider, ForUsAllInc. The latter plans to begin allowing workers to invest in cryptocurrency through their 401k plans, should their employers sign up to do so. Firms such as iTrustCapital and ForUsAllInc are among the very first movers attempting to shake up the world of retirement saving with crypto investing. According to the Investment Company Institute (ICI), total US retirement assets were $34.9 trillion as of December 31, 2020, up 9.3 percent for the year. Retirement assets accounted for 33 percent of all household financial assets in the United States at the end of December 2020 and that’s been in near-continuous growth over the last decade.

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